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Verizon Information Services Sells Interest in Panorama Polska
Company committed to Polish market and joint agreement with TelenorNews Release
March 11, 2001 –DALLAS - Today Swedish based Telia and Verizon Information Services reached an agreement for Telia to purchase Verizon's 51 percent ownership in Panorama Polska in a cash transaction. Previous to this agreement, Telia owned 49 percent of the shares in the joint venture. Terms of the transaction were not disclosed. In a related move, Eniro AB has announced it will acquire 100 percent of the shares in Panorama Polska.
"We have enjoyed a strong relationship with Telia in our joint venture, and I am confident this transition will run smoothly," said Verizon Information Services Group President of International Operations Scott Hanle.
After Bell Atlantic and GTE merged, Verizon had two joint venture directory operations in Poland that competed. Hanle said that while Verizon is selling its shares in Panorama Polska, the company remains committed to growing its business presence in Europe.
"Europe is a priority for us, and Poland is a key market in our plans. Verizon will maintain its joint venture with Telenor in the directory publishing operation PKT," Hanle said. "PKT has strong brand recognition in a competitive market place, and is well positioned to continue its positive growth pattern."
Verizon Information Services is a world leading print and online directory publisher and a content provider for communications products and services. The largest directory publisher in the world, Verizon has annual revenues of more than $4.1 billion and employs more than 11,000 people.
Verizon Information Services provides sales, publishing and other related services for nearly 2,300 directory titles in 48 states and the District of Columbia and 16 countries outside the U.S. This includes more than 1,600 Verizon directory titles with a total circulation of approximately 110 million copies in the U.S. and 37 million copies internationally.
Verizon Information Services also produces and markets SuperPages.com, the Internet's preeminent online directory and shopping resource. SuperPages.com has received up to 7.7 million visits and 3.4 million unique visitors per month, and is the exclusive Yellow Pages provider on Excite, Lycos, AOL Service, AOL.com, Digital City, HotBot, and BigFoot.
Based in the Dallas area, Verizon Information Services is a unit of Verizon Communications Inc. (NYSE:VZ), which was formed by the merger of Bell Atlantic and GTE. Verizon is one of the world's leading providers of communications services. For more information on Verizon, visit www.verizon.com.